Market intelligence (MI) relies on business datasets to present meaningful data patterns. Businesses require MI to optimize their growth strategies. However, data quality is often a significant concern. So, real-time data collection can help marketing teams improve data gathering. This post will discuss how to use market intelligence effectively via real-time data and why it is important.
What Is Market Intelligence Data?
Market intelligence data includes an organization’s internal and external performance data. It also allows you to monitor the market dynamics. Therefore, you want reliable market intelligence firms to ensure data quality.
MI, or market intelligence, utilizes multiple data sources to describe your company’s performance. You also acquire extensive insight into your rival’s strategies.
So, your team must know how to use market intelligence data effectively to meet the company’s objectives. Still, maintaining and processing the MI datasets requires a systematic approach to minimize errors and bias in conclusions.
How to Use Market Intelligence Effectively?
1| Identify Marketing Intelligence Verified Data Sources
Excellent data quality in marketing intelligence becomes possible if the data sources of market dynamics are authoritative. So, businesses must maintain a record of thought leadership resources and statistically derived economic trends by multiple agencies.
Market intelligence firms find reputable data sources to assist their corporate clients. Therefore, you and your team members can save time and effort.
2| Understand Why Real-Time Data Is Important and Use It
Static reporting causes delays in decision-making. So, you can experiment with different live data streaming technologies. These tools provide dynamic reports to market intelligence firms and their clients.
What is real-time data in dynamic reporting? If something is “dynamic,” it keeps changing. Real-time data streams continuously collect and update the datasets obtained from MI sources. Therefore, your team will get the most current status of marketing campaigns or sales figures without waiting.
How Does Market Intelligence Differ From Business Intelligence (BI)?
Business intelligence solutions gather a company’s performance data. Also, they facilitate visualization using the insights extracted from the datasets. Doing so allows a manager to identify operational improvement opportunities.
MI differs from BI since its scope extends to the following considerations.
- How are your products and services performing in the market?
- How do your competitor’s commercial offerings affect your sales and market share?
- What are the reliable data sources for developing marketing intelligence databases?
- Why do customers purchase a product or service?
- How can you improve your sales conversion rate through marketing innovations?
- What is the impact of your pricing strategy on the market’s performance?
Therefore, you can understand how market intelligence and business intelligence solutions differ due to their scope and goals. BI is concerned with how your workforce, supply chain, and finances help you achieve your goals. However, market intelligence firms have different priorities.
You have learned why real-time data is important in market intelligence and how to use it effectively. After all, live data streams allow you to create dynamic reports. So, your team can save time through the fast development of the visualizations.
You also want to ensure the data quality is dependable by auditing the data sources of marketing intelligence. Remember, authoritative sources improve the insights extracted from the company’s market intelligence databases.
Finally, corporations must learn the difference between MI and business intelligence solutions to use market intelligence effectively. Both methods rely on advanced data management tools. Still, their purpose varies due to their scope of data collection.
A leader among market intelligence firms, SG Analytics, supports organizations through high-quality marketing insights and holistic analytical methods. Contact us today if you require scalable research capabilities for primary and secondary reporting.